A new Property Price Registry aimed at strengthening trust and transparency in Malta's real estate market has been launched, offering free access to verified pricing information for first-time buyers and the wider public, a government statement said.
Minister for Justice Jonathan Attard addressed the launch and presentation of the Property Price Registry, praising the initiative taken by the Property Malta Foundation, which is expected to strengthen transparency and confidence in the property market in Malta and Gozo.
Attard said that the property market is not only an economic market, but also a social reality that directly affects the lives of Maltese and Gozitan families, particularly those entering the market for the first time.
While operators such as agents, banks, entities and companies may subscribe to the service, Maltese and Gozitan citizens, including first-time buyers, who require information from the Property Price Registry on a property they are seeking will be able to request this information free of charge from Property Malta.
The registry, developed by Property Malta on a platform built by PwC Malta, provides verified price parameters for residential and contractual properties, based on registered contracts dating back to 2018, and not on speculative or advertised values.
Through advanced analytical tools, geospatial maps and interactive dashboards, this platform will significantly reduce confusion around information and enable more informed decision-making by banks, professionals, policymakers and citizens.
Attard said that the Property Price Registry complements the structural reforms being carried out by government in the sector, including the establishment of the Property Market Agency as a new regulator for intermediaries, as well as the strengthening of licensing, enforcement and standards in the construction sector.
"This Property Malta initiative forms part of a whole series of initiatives and reforms we are implementing in the construction sector, aimed at raising standards and strengthening confidence," Attard said.
He said that these include stronger licensing, skills development, safety obligations, enforcement mechanisms and sustainability principles.
Attard thanked Property Malta, PwC Malta and all those involved in the initiative.
The conference was also addressed by Property Malta Chairman Sandro Chetcuti, while a presentation was delivered by PwC director Angelique Spina.
Representatives from the Malta Development Association and regulatory entities, including the Property Market Agency, were also present.